Apicorp to Sell Stakes in ACBS to Aditya Birla Group

Arab Petroleum Investment Corporation’s (Apicorp) board on 26 December 2010 decided to sell its 12 per cent stake in Egypt-based Alexandria Carbon Black Company (ACBC) to Aditya Birla Group , which is the majority shareholder in the company. With the decision the multilateral development bank of the Organisation of Arab Petroleum Exporting Countries (Oapec), Apicorp in which the UAE government owns a 17 per cent stake in Apicorp kicked off a divestment plan aimed at mobilising funds for a new phase of investments.

ACBC was established in Egypt in January 1993. Apicorp had been 12 per cent equity stakeholder since its establishment. The company produces various grades of carbon black, the basic material used in the manufacture of tyres and other rubber-based products like hoses and inks.